Walker
refers to Suntech Shanghai, which was incorporated in 2006, as the “valuable
core subsidiary” of Suntech Singapore.

Suntech
Singapore and Suntech Japan were transferred to Wuxi Suntech during its
insolvency last year. However, Suntech Power – Wuxi Suntech’s former parent –
disputes the legality of the transfers.

The
one-year preservation order on Suntech Singapore was granted by the Shanghai
No. 1 Intermediate People’s Court, and is subject to extension, claims Suntech
Power.

The ruling
represents yet another headache for Shunfeng and the new management at Wuxi
Suntech, which claims to be the owner of the manufacturing capacity, brand name
and intellectual property formerly owned by Suntech Power.

Suntech
Power, its many creditors and its joint provisional liquidators are fighting a
battle to reclaim as much value from Wuxi Suntech as possible.

John Ayres,
a liquidator of Suntech Power subsidiary Power Solar System, says: “We are …
making substantial progress in the investigation of the purported transfer of
the equity interests in Suntech Power Japan and Suntech Singapore to Wuxi
Suntech.”

“These
actions appear to have been taken without proper regard for the interests of
creditors and shareholders of the company, and appropriate actions will be
taken in due course.”

Separately,
Suntech Power today revealed that Suntech Singapore has filed an application
with a court in Singapore to “set aside” the $264m it was ordered in January to
pay Suntech Power.

Suntech
Singapore filed the application on 12 March, one day before the money was due,
according to Suntech Power.

The January
ruling – called “regrettable” by Shunfeng – is significant, given that Shunfeng
has offered 3bn yuan ($490m) for the whole of Wuxi Suntech, including its more
than 2GW of cell and module capacity.